Big deals made in January
£443.4 million was transacted across six deals in the City of London in January 2018, significantly up on the £296.2 million transacted in the same month last year, according to Savills.
The international real estate advisor says that there has been an uptick in the number of new sales instructions since the start of the year, with approximately £1.7 billion of assets formally coming to the market since the start of January. In addition, Savills is aware of approximately £2.7 billion of opportunities currently under offer in the City market, £500 million of which has gone under offer since the start of 2018.
To date in 2018, Asian and UK investors have dominated the market with three transactions each, accounting for 53 per cent and 47 per cent of total turnover by volume respectively. The mix of vendors selling assets has been more varied with UK investors leading the way (36%) with Asian (29%) and European (30%) vendors close behind.
Richard Bullock, director in Savills central London investment team, comments: “2018 has started positively in the City and we expect the pace to increase in the coming months given the number of active requirements in the market. The potential handbrake at this juncture is the lack of available product.”